POSB aims to bank all migrant workers by end-2020

Singapore

DBS's POSB has recorded a jump of almost four times in the number of account openings for migrant workers in the month of April, as the Covid-19 pandemic adds to the urgency for migrant workers to have access to digital banking - a basic service that most Singaporeans take for granted.

With thousands quarantined since April, migrant workers without bank accounts - who would usually be paid in cash - could not receive their salaries, P'ing Lim, DBS's head of secured loans and deposits in Singapore, told The Business Times.